UK’s Reeves floats ‘radical shake-up’ of bureaucracy to cut business costs

A “radical shake-up” of bureaucracy is expected to be announced by the Labour Party government in the UK in order to reduce business administrative costs by a quarter.

His Majesty’s Treasury announced in a statement on Sunday that the British Chancellor of the Exchequer, Rachel Reeves, will meet with regulators on Monday to reveal the “action plan” for reducing red tape.

The government will reduce “costly red tape,” including hundreds of pages of guidance on protecting bat habitats, by reducing the number of regulators, streamlined the implementation of environmental regulations for major projects, and streamline the implementation of the plan.

The Treasury said that the shake-up comes in addition to 60 other measures that regulators have approved to improve the business environment, including the easing of mortgage lending regulations and the quick-tracking of new medications.

Reeves argued that by reducing bureaucracy and making a more efficient system, investment will increase, job creation, and funding for working people’s pockets.

Reeves’ announcement comes a day after Keir Starmer, the prime minister, pledged to make changes to the “overcautious, flabby state” of the UK.

Starmer proposed folding the payments regulator’s remit into England’s main financial watchdog last week, which would include abolishing the body that oversees England’s state-funded health service.

Following a pledge to spur economic growth and raise living standards after years of stagnation and decline, Starmer’s Labour government was elected in July.

Starmer quickly lost support after coming to power in a dramatic victory while boosting growth.

48 percent of Britons claimed that the government is running the country poorly in an Ipsos poll last month, while 49 percent claimed that its economic plans would have a negative impact.